Macro EnvironmentThe uncertain macro environment and lack of positive catalysts are contributing to a less favorable short-term outlook for the company.
Revenue GuidanceManagement lowered full year core revenue guidance to $1,290-$1,300M from $1,297-$1,312M due to macroeconomic headwinds.
Spending TrendsSMB spending trends have deteriorated and likely remain under pressure for some time, which make FY26 TPV estimates look high.